2% – 9% decline in fuel price anticipated on April 1
Ghana’s fuel prices are expected to fall between 2% and 9% for the third consecutive time from April 1, 2023, according to the Institute for Energy Security (IES). The drop in prices is primarily attributed to the stability of the cedi to the dollar and the easing of prices of finished products on the world market. The IES has stated that Liquefied Petroleum Gas (LPG) is expected to witness its biggest decline in recent times, with a drop of about 9%, while petrol and diesel are expected to see between a 2% and 5% drop in prices.
Nana Amoasi VII, Executive Director of the Institute for Energy Security, has emphasized that fuel consumers in Ghana should expect another round of fuel price drops in the coming days. The IES is attributing the imminent price drop to recent happenings on the world fuel market, which have seen declines in prices of gasoline (petrol), LPG, and some other finished products.
Over the last two weeks, the price of gasoline (petrol) on the world market has reportedly posted a drop of $21 per metric tonne, while gasoil (diesel) has also dropped by roughly 3.6% from the previous price of $813 per metric tonne. Notably, LPG is the product that has posted the biggest drop in price over the last two weeks on the world market. The commodity’s price reportedly fell by a whopping $95 per metric tonne, equivalent to about a 15% drop.
Ghanaians should expect some relief from the high fuel prices recorded in the past six months, according to Nana Amoasi VII. Households that rely on LPG are expected to be the most beneficiaries, as the commodity may post a hefty drop in prices in the coming days. This will likely provide some relief for consumers, especially households and small businesses that have been grappling with high energy costs in recent times.
Ghana’s fuel market is expected to witness another round of price drops, with LPG expected to see the biggest decline in recent times. The stability of the cedi to the dollar and the easing of prices of finished products on the world market are the primary factors driving this trend. As fuel prices continue to fall, Ghanaians can look forward to some relief from the high energy costs that have been affecting households and small businesses in the country.
